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IDBI Capital Report
Ambuja Cements Ltd.'s Q4 FY23 Ebitda came largely in line with our/ consensus estimates. Consolidated volume declined by 2% YoY in Q4 where as its peers has reported double digit volume increase.
Business was impacted from trucker strike in HP and this is resolved now. Ebitda/tonne improvement was healthy at Rs 973 versus Rs 813 QoQ and is led by lower fuel cost and other expenses.
And has guided Ebitda/tonne of 1200-1400/tonne in FY24E. Ambuja Cements has reiterated its goal of doubling capacity by FY28E to 140 million tonnes per annum on consolidated basis; we would wait for further on its detail plans for the same.
We await plant wise details on capacity addition as any delay could make Ambuja Cements lose market share versus Ultratech Cement Ltd.
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